Knights Brown Construction has again reported record-breaking revenue in its latest trading update, following good performances in the energy and marine sectors.
Turnover for the year ended 31 March 2024 was £101.5 million, slightly up from the £100 million achieved in the previous financial period, generating a pre-tax profit of £2.1 million (FY2023: £2 million).
The Hampshire-headquartered contractor generated an operating profit this year of more than £2 million, roughly in line with the prior financial year (£2 million), with a gross profit margin increase to 10.1 per cent.
“Performance is in line with expectations as a result of good performances in the energy, coasts and ports sectors,” said finance director, Philip Crozier.
“We are pleased to have consolidated our position despite the slowdown experienced in local government infrastructure spending, which impacted further growth.”
Knights Brown’s portfolio includes a strong nationwide presence in energy and an established regional presence in ports, coastal engineering, water utilities and commercial/industrial buildings.
Net assets and total equity at 31 March 2024 were valued at £13.8 million, a healthy result and slightly ahead of the £13 million achieved the year before, with cash reserves of £4.4 million, compared to £5 million in FY2023.
The company also declared dividends amounting to £1 million were paid to shareholders during the financial period (FY2023: £ Nil).
Knights Brown’s profit for the year was £1.8 million, compared to £1.9 million in the prior trading period.
Was this interesting? Try Subbies still worst hit by latest construction insolvencies
If you have a tip or story idea that fits with our publication, please contact the news editor rory@wavenews.co.uk
Get industry news in 5 minutes!
A daily email that makes industry news enjoyable. It’s completely free.
